Clinton Economy: Bad/Good, Bush Economy: Good/Bad, Obama Economy: Bad/Bad
Victor Davis Hanson wraps up Obama’s approach to the economy in a nutshell:
With Clinton we got high taxes (bad) but balanced budgets imposed by the spending caps in Congress (good). With Bush we got tax cuts (good) but deficits (bad). With Obama we get tax hikes (bad) and astronomical deficits (bad).
Of course, it’s worth noting that under President Bush federal deficits actually shrank after his tax cuts, which were part of what ramped up the economy and led to higher federal tax receipts. Were it not for heavy spending resulting from 9/11 and two wars (not to mention the usual sort of profligate nonsense in a Congress controlled both by Republicans and Democrats) we might have had tax cuts and a balanced budget under Bush.
But what’s scary about where Obama is leading us is just how pervasive his tax hikes are going to be. Not only are we going to see massive hikes in federal taxes which will be felt by every single American (expiring Bush tax cuts, big new taxes on the energy industry), but the “stimulus” money Obama has sent to the states (which itself must eventually be paid off with big new taxes) is going to create new government that will inevitably have to be supported by new state-level taxes.
Obama’s policies are going to result in new taxes upon new taxes upon new taxes, and most worrisome of all is that the revenue from those new taxes still isn’t going to reduce our budget deficits or the national debt. Meaning not only are we going to be giving up more to the government, we’re going to slip further into debt along the way.



